ST. LOUIS, Oct. 6, 2020 /PRNewswire/ -- Centene Corporation
(NYSE: CNC) announced today it plans to expand its Medicare
Advantage offerings for 2021. The company's Medicare plans –
branded WellCare, Allwell, Fidelis, and Health Net – will operate
in 1,249 counties across 33 states in 2021 – a 30% increase since
2020.
"At a time when many seniors are grappling with the effects of
COVID-19, we are committed to expanding choice and access to
high-quality, affordable Medicare plans that support our members'
health and well-being during the pandemic and beyond," said
Michael F. Neidorff, Chairman,
President and CEO for Centene.
Today, Centene serves nearly 1 million Medicare members across
the country, and in 2021, the company will continue to expand its
presence. Among the highlights, Centene is offering:
- 122 new plan designs across 30 states;
- Medicare Advantage plans in Vermont (10 counties) and Rhode Island (statewide); and,
- Preferred Provider Organization (PPO) plans in 10 additional
states including Alabama,
Arizona, Illinois, Kansas, Kentucky, Louisiana, Mississippi, New
Jersey, Rhode Island, and
Vermont.
"Selecting a Medicare plan is one of the most critical decisions
seniors and their families make each year," said Michael
Polen, Centene's Senior Vice President and Chief Executive Officer,
Medicare Solutions. "As we approach the Annual Enrollment
Period, we want our members to know we are expanding our presence
and continue to offer a number of new benefits and solutions to
help our members live better, healthier lives."
About Centene Corporation
Centene Corporation, a
Fortune 50 company, is a leading multi-national healthcare
enterprise that is committed to helping people live healthier
lives. The Company takes a local approach – with local brands and
local teams – to provide fully integrated, high-quality, and
cost-effective services to government-sponsored and commercial
healthcare programs, focusing on under-insured and uninsured
individuals. Centene offers affordable and high-quality
products to nearly 1 in 15 individuals across the nation, including
Medicaid and Medicare members (including Medicare Prescription Drug
Plans) as well as individuals and families served by
the Health Insurance Marketplace, the TRICARE program, and
individuals in correctional facilities. The Company also serves
several international markets, and contracts with other healthcare
and commercial organizations to provide a variety of specialty
services focused on treating the whole
person. Centene focuses on long-term growth and the
development of its people, systems and capabilities so that it can
better serve its members, providers, local communities, and
government partners.
Centene uses its investor relations website to publish
important information about the company, including information that
may be deemed material to investors. Financial and other
information about Centene is routinely posted and is
accessible on Centene's investor relations
website, https://investors.centene.com.
Cautionary Statements on Forward-Looking Statements of
Centene Corporation
All statements, other than statements of
current or historical fact, contained in this communication are
forward-looking statements. Without limiting the foregoing,
forward-looking statements often use words such as "believe,"
"anticipate," "plan," "expect," "estimate," "intend," "seek,"
"target," "goal," "may," "will," "would," "could," "should," "can,"
"continue" and other similar words or expressions (and the negative
thereof). Centene (the "Company", "our", or "we") intends such
forward-looking statements to be covered by the safe-harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and we are including this
statement for purposes of complying with these safe-harbor
provisions. In particular, these statements include, without
limitation, statements about Centene's intended use of proceeds
from this offering, including in connection with the 2022 Notes
Redemption and the 2025 Notes Redemptions, future operating or
financial performance, market opportunity, growth strategy,
competition, expected activities in completed and future
acquisitions, including statements about the impact of Centene's
recently completed acquisition (the "WellCare Acquisition") of
WellCare Health Plans, Inc. ("WellCare"), other recent and future
acquisitions, investments and the adequacy of Centene's available
cash resources. These forward-looking statements reflect Centene's
current views with respect to future events and are based on
numerous assumptions and assessments made by Centene in light of
Centene's experience and perception of historical trends, current
conditions, business strategies, operating environments, future
developments and other factors Centene believes appropriate. By
their nature, forward-looking statements involve known and unknown
risks and uncertainties and are subject to change because they
relate to events and depend on circumstances that will occur in the
future, including economic, regulatory, competitive and other
factors that may cause Centene's or its industry's actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking
statements. These statements are not guarantees of future
performance and are subject to risks, uncertainties and
assumptions. All forward-looking statements included in this
communication are based on information available to Centene on the
date of this communication. Except as may be otherwise required by
law, Centene undertakes no obligation to update or revise the
forward-looking statements included in this communication, whether
as a result of new information, future events or otherwise, after
the date of this communication. You should not place undue reliance
on any forward-looking statements, as actual results may differ
materially from projections, estimates, or other forward-looking
statements due to a variety of important factors, variables and
events including but not limited to: the impact of COVID-19 on
global markets, economic conditions, the healthcare industry and
Centene's results of operations, which is unknown, and the response
by governments and other third parties; uncertainty as to Centene's
expected financial performance during the period of integration of
the WellCare Acquisition; the possibility that the expected
synergies and value creation from the WellCare Acquisition will not
be realized, or will not be realized within the expected time
period; the risk that unexpected costs will be incurred in
connection with the integration of the WellCare Acquisition or that
the integration of WellCare will be more difficult or time
consuming than expected; unexpected costs, charges or expenses
resulting from the WellCare Acquisition; the inability to retain
key personnel; disruption from the integration of the WellCare
Acquisition, including potential adverse reactions or changes to
business relationships with customers, employees, suppliers or
regulators, making it more difficult to maintain business and
operational relationships; the risk that Centene may not be able to
effectively manage its expanded operations; Centene's ability to
accurately predict and effectively manage health benefits and other
operating expenses and reserves, including fluctuations in medical
utilization rates due to the impact of COVID-19; competition;
membership and revenue declines or unexpected trends; changes in
healthcare practices, new technologies, and advances in medicine;
increased healthcare costs; changes in economic, political or
market conditions; changes in federal or state laws or regulations,
including changes with respect to income tax reform or government
healthcare programs as well as changes with respect to the Patient
Protection and Affordable Care Act ("ACA") and the Health Care and
Education Affordability Reconciliation Act, collectively referred
to as the ACA and any regulations enacted thereunder that may
result from changing political conditions or judicial actions,
including the ultimate outcome in "Texas v. United States of America" regarding the
constitutionality of the ACA; rate cuts or other payment reductions
or delays by governmental payors and other risks and uncertainties
affecting Centene's government businesses; Centene's ability to
adequately price products on the Health Insurance Marketplaces and
other commercial and Medicare products; tax matters; disasters or
major epidemics; the outcome of legal and regulatory proceedings;
changes in expected contract start dates; provider, state, federal,
foreign and other contract changes and timing of regulatory
approval of contracts; the expiration, suspension, or termination
of Centene's contracts with federal or state governments (including
but not limited to Medicaid, Medicare, TRICARE or other customers);
the difficulty of predicting the timing or outcome of pending or
future litigation or government investigations; challenges to
Centene's contract awards; cyber-attacks or other privacy or data
security incidents; the possibility that the expected synergies and
value creation from acquired businesses, including businesses
Centene may acquire in the future, will not be realized, or will
not be realized within the expected time period; the exertion of
management's time and Centene's resources, and other expenses
incurred and business changes required in connection with complying
with the undertakings in connection with any regulatory,
governmental or third party consents or approvals for acquisitions;
disruption caused by significant completed and pending
acquisitions, including, among others, the WellCare Acquisition,
making it more difficult to maintain business and operational
relationships; the risk that unexpected costs will be incurred in
connection with the completion and/or integration of acquisition
transactions; changes in expected closing dates, estimated purchase
price and accretion for acquisitions; the risk that acquired
businesses will not be integrated successfully; restrictions and
limitations in connection with Centene's indebtedness; Centene's
ability to maintain or achieve improvement in the Centers for
Medicare and Medicaid Services ("CMS") Star ratings and maintain or
achieve improvement in other quality scores in each case that can
impact revenue and future growth; availability of debt and equity
financing, on terms that are favorable to us; inflation; foreign
currency fluctuations and risks and uncertainties discussed in the
reports that Centene has filed with the Securities and Exchange
Commission. This list of important factors is not intended to be
exhaustive. Centene discusses certain of these matters more fully,
as well as certain other factors that may affect Centene's business
operations, financial condition and results of operations, in
Centene's filings with the Securities and Exchange Commission
("SEC"), including Centene's annual report on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K. Due to these
important factors and risks, Centene cannot give assurances with
respect to Centene's future performance, including without
limitation Centene's ability to maintain adequate premium levels or
Centene's ability to control its future medical and selling,
general and administrative costs.
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SOURCE Centene Corporation